It is not enough anymore just to put a plan in place for an estate in Maryland. People must also diligently update their estate plan as there are changes in their lives. Keeping an estate plan updated is important for several reasons.
One reason people need to update their estate plan is if they have a change in marital status. If someone marries or gets a divorce, he or she will want to change their estate plan accordingly to include or exclude certain family members. Another reason involves children. The estate plan should be updated after each new child who is born or adopted.
If someone owns a business or has significant assets totaling over $1 million, he or she should update his or her estate plan to protect those assets. If a person moves from one state to another, his or her estate plan should be updated to make sure it complies with the new state’s laws. People would also need to make changes if they decide to change the executor of their will.
If an intended heir dies, the estate plan should be updated. Also, the estate should be reviewed periodically to ensure the laws regarding the estate have not changed. People should also make updates if they plan to leave money to a certain organization or a charity.
An estate plan can help ensure that loved ones are cared for after the death of their benefactor and that the money is allotted to the people and organizations intended by those who are leaving the assets behind. Maryland attorneys can help people build an estate plan that best fits those needs and desires. The plan may include a living will or a power-of-attorney, and experienced attorneys will be able to help those people decide which forms best fit their needs.
Source: richlandsource.com, “Do you need an estate plan?“, Gregory Boyce, May 20, 2015
